分散持股企业治理的演化博弈分析——基于股东与经理人的不完全合同

Evolutionary Game Analysis of Decentralized Shareholding Enterprise Governance——Based on incomplete contracts between shareholders and managers

通过将研究的关注点集中于公众分散持股公司,在不完全合同视角下分析了分散持股企业在公司治理过程中经理人不恰当行使控制权而产生低效率的行为,利用演化博弈模型分析股东与经理人在企业治理过程中的策略选择,得出降低双方合作成本,综合风险,提高报酬激励可以完善企业治理,提高企业价值的结论,并为设计出利益协调的企业治理体系提出建议。

The study focused on. the public decentralized Holding Company, from the perspective of incomplete contract, this paper analyzes the inefficiency behavior of managers in. the process of corporate governance , using the evolutionary game model analysis the selection, of shareholders and managers in. corporate governance Come to conclusion.,it reduces the cost. Comprehensive risk,improve the incentive can. improve corporate governance, improve the enterprise value of the conclusion., and puts forward some suggestions for the design, of corporate governance system of co-ordination. of interests.